印度政府致力于巩固本国全球优选投资目的地地位、深化资本市场建设，据此印度财政部出台系列举措，优化境外自然人与外国组合投资者的投资便利度，吸纳稳健的长期外资流入。
In line with the Government's commitment to strengthen India's position as a leading global investment destination and to deepen the capital market, the Ministry of Finance has taken a series of measures aimed at enhancing the ease of investment for individual Persons Resident Outside India (PROIs) and Foreign Portfolio Investors (FPIs), and to attract stable long-term foreign capital flows.

继此前落地多项资本市场营商便利化举措后，印度政府再度推进改革，放宽外资投资印度股票与主权国债的准入门槛、提升投资效率，增强印度相关品类资产的全球竞争力。
Building on the recent initiatives to enhance ease of doing business in capital markets, the Government has undertaken further reforms to make foreign investment in equities and G-Secs more accessible, efficient, and globally competitive.

依据《2019 年外汇管理（非债务工具）规则》放开境外自然人投资限制
Liberalisation of investment by individual Persons Resident Outside India under the Foreign Exchange Management (Non- Debt Instrument) Rules, 2019

印度财政与公司事务部部长在2026-27财年联邦预算案中宣布：放开境外自然人通过组合投资计划投资印度上市企业股权，该投资渠道此前仅限印度海外公民、非印度居民使用；单个境外自然人对单家印度企业的持股上限由5%上调至10%，全部境外自然人合计对单家企业的总投资上限由现行10%提至24%。
The Union Minister for Finance and Corporate Affairs announced in the Union Budget FY2026-27 that individual Persons Resident Outside India (PROI) will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme which was hitherto available only to NRIs/OCIs; and the investment limit will be increased for an individual PROI under this scheme from 5% to 10% in any company, with an overall investment limit for all individual PROIs to 24%, from the current 10%.

为落地上述政策，印度经济事务部正式印发《2026 年外汇管理（非债务工具）（第三次修订）规则》。
To implement the same, Department of Economic Affairs (DEA) is notifying the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026.

本次新规依托现行面向非印度居民、印度海外公民搭建的准入落地体系，助力印度更高效吸纳境外组合投资；准入流程简化、合规成本下降将持续优化营商环境，吸引更多稳定性较强的境外个人投资者，推动印度股票市场外资增量扩容、资金流入更平稳。
This notification will facilitate a more proactive mobilisation of foreign portfolio capital by leveraging the existing onboarding systems already in place for NRI/OCI investors. Simplified onboarding and reduced compliance requirements would further enhance ease of doing business, while attracting a broader base of relatively stable individual foreign investors. This will also support greater and more stable foreign inflows into Indian equity markets.

优化外国组合投资者投资主权国债监管框架
Review of the regulatory framework for FPI investment in Government securities

为提升外国组合投资者参与印度主权国债市场的积极性，印度政府决定扩容全额准入通道（FAR）下的指定证券清单范围：将15年期、30年期、40年期新发主权国债，以及符合全额准入通道期限标准的主权绿色债券纳入全额准入通道可投品类。与此同时，针对外国组合投资者通过常规通道投资国债，取消三项约束条款：短期投资限额、持仓集中度限额、单券投资限额；但保留总量管控要求：外国组合投资者投资中央政府存量国债上限为存量规模的 6%、地方政府债券上限为存量规模的 2%。原有国债、地方债项下分设的「常规额度」「长期额度」两类分项限额，统一合并为单一投资额度。
With the view to enhance participation by FPIs in G-Sec, the Government has decided to expand the list of specified securities under the Fully Accessible Route (FAR) to also include new issuances in Government securities in tenors of 15, 30 and 40 years as also Sovereign Green Bonds (SGrBs) in the tenors of FAR-eligible securities. Further, with respect to FPI investments under General Route, it has been decided to remove the three restrictions, viz. short-term investment limit, concentration limit and the security-wise limit for investments by Foreign Portfolio Investors (FPIs) in Government securities, while retaining the overall quantitative investment limit of 6 per cent of the outstanding stock of the Central Government securities and 2 per cent of the State Government securities (SGSs). The sub-categories of investment limits, viz., 'general' and 'long-term' will also be merged into a single limit for investment in Government securities and SGSs, respectively.

上述改革有助于完善国债平滑收益率曲线，吸引养老基金、保险机构、主权财富基金等长线机构的稳健持续性外资，增厚印度外汇净流入规模。
These measures will help in development of a smooth yield curve, and attract stable systematic inflow of long-term, patient foreign capital, including long-term investors such as pension funds, insurance companies, and sovereign wealth funds. This is also expected to boost foreign exchange inflows for the country.

豁免外国组合投资者国债利息与资本利得相关税负
Exempt interest and capital gains on G-Secs from tax

印度政府深知具有竞争力的税制是吸引全球资本的关键，为此优化外国组合投资者投资印度主权国债的涉税规则，免征该类投资产生的利息所得税与资本利得所得税，实现印度国债税制对标全球多数同类经济体标准。
Recognising the importance of a competitive tax regime in attracting global capital, the Government has decided to rationalise the tax treatment applicable to investments by FPIs in Government Securities, by exempting such investments from income tax on any interest or capital gain. This step will align the taxation on G-Secs with many comparable jurisdictions.

本项免税政策自2026年4月1日起生效, 2026年4月1日（含）之后外国组合投资者投资印度国债产生的利息、资本利得均可享受免税待遇。
The exemption shall be applicable w.e.f. 01.04.2026, i.e. the exemption shall apply to any interest or capital gains arising to FPIs on or after 01.04.2026 in respect of investments in G-Secs.

国际清算银行投资印度国债取得的利息、资本利得，同步享受同等所得税豁免政策。
Similar income-tax exemption is also provided for Bank for International Settlements (BIS) for any interest or capital gains from its investments in G-Secs.

该项税收优惠将持续吸引养老基金、保险、主权财富基金等长线稳健外资落地。
This will ensure stable systematic inflow of durable, patient foreign capital and long-term investors such as pension funds, insurance companies, and Sovereign wealth funds (SWFs).

综上，本轮一揽子改革旨在降低实操壁垒、简化入市流程，打造比肩全球主流金融市场的便捷投资环境，拓宽印度股票与主权国债的全球投资者圈层，助力全球资本布局全球增速领先的主要经济体 —— 印度。
Taken together, these reforms aim to reduce operational complexities, simplify market access, and provide a more seamless investment experience comparable with leading international financial markets. These measures are expected to expand the investor base for Indian equities and Government Securities and encourage wider participation from global investors seeking exposure to one of the world's fastest-growing major economies.